About Punjab & Sind Bank Car Loan Bhubaneswar

Does burden of paying hefty EMI’s making you postpone of buying your dream car? Don’t let it be. Consider Punjab & Sind Bank for availing appropriate car loans with flexible tenures which help you to plan of your monthly installments comfortably.

Make yout life easier by availing affordable car loans which have no maximum limit specified but interest rates range from 9.00% – 11.75% per annum.

Punjab & Sind Bank Car Loan Bhubaneswar at a glance

Particulars

Details

Interest Rate

8.65% - 11.40%

Loan Amount

Under Auto Loan Scheme

No maximum ceiling on loan amount on new car and used car for any borrower (salaried or business).

Under Commercial Vehicle Scheme

For new business entities: - Maximum ₹ 50.00 lac

For existing business entities: - Maximum ₹ 2.00 crore (Loans above ₹ 2.00 crore may be considered out of this policy and may be considered as per the guidelines vide loan policy of the Bank.)

Tenure

Under Auto Loan Scheme

For new cars : Maximum 7 years

For old cars: Maximum 5 years subject to age of vehicle (total period of Repayment plus age of vehicle not exceeding 7 years).

Under Commercial Vehicle Scheme

Maximum:5 Year

Flexible repayment:Ballooning of installment may be done.

Moratorium Period: 3 Months over & above the overall repayment period

Processing Fee

Under Auto Loan Scheme

One-Time:Four Wheeler Loan: 0.25% on the loan amount, subject to minimum of ₹1000.00and maximum of ₹15000.00Two wheeler Loan: 0.25% on the loan amount, subject to minimum of ₹1000.00 and maximum no limit.Processing fee is waived for Staff members, retired employees of our Bank and pensioners drawing pension through our Bank.

Under Commercial Vehicle Scheme

One time:1.00% of the loan amount(Refund of entire Processing fee is available at the time of final payment provided borrower makes timely repayment of installments).

Pre-payment Charges

Under Auto Loan SchemeNo prepayment penalty is levied if the loan is adjusted by the borrower from his own sources. In case of loan take over, prepayment penalty to be charged at 1% on outstanding balance

Under Commercial Vehicle Scheme The borrower may opt to prepay / adjust the loan from his own verifiable legitimate sources or genuine sale without attracting any penalty, except take-over of the loan by other bank/ FI/ NBFC, which would attract prepayment at 1% of the balance loan amount.

Eligibility Criteria

The borrowers need to fulfill the following eligibility criteria while applying for Punjab & Sind Bank Car Loan:

Individuals as well as business concerns(either corporate or non-corporate) are eligible to apply for car loan.

The business concerns involving proprietorship/partnership firm/ Limited company, trust, society, associations owning and operating or proposing to own and operate transport vehicles so as to carry passengers or goods on hire.

The borrower/borrowers need to hold the necessary driving license or engage driver who possess the valid license for operating the type of vehicle for which credit is sought.

The age limit of the borrower should be 18 years to 65 years, subject to age for repayment.

The borrower/borrowers should submit proof of permanent residential address.

The borrower/borrowers need to obtain a permit by an appropriate authority to ply vehicle for passengers or goods traffic on hire.

The borrower need to have a sufficient net worth in order to pay for the margin and initial recurring expenses like registration, insurance, etc. In case where the borrower does not meet this requirement, a co-borrower having sufficient net worth can be included.

Any one of the borrower or guarantor should possess a minimum two years experience in relevant transport business.

Documents Required

The salaried employees as well as business concerns(either corporate or non-corporate) need to produce the following documents while applying for car loan.

Proof of Income: Latest salary slip with form 16 / Audited balance sheet, Profit & Loss Account for latest two years/ Have a minimum turnover of ₹ 4,50,000 per annum / Audited balance sheet, Profit & Loss Account for latest two years and the latest 2 years IT returns of the company / Latest ITR

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